Modine Manufacturing
MOD on NYSE. Modine Manufacturing sells heating and cooling systems to equipment makers and building operators. Market value $9.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.99 of spare cash in the past 12 months. A savings account pays about $4.
You pay 30.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 17 cents a year. Above 10 is good.
Quality score: 89 of 100. Price score: 13 of 100. Our list needs 70 on quality and 60 on price.
$189.91 a share, 71% above its 1-year low
Over the past year the price has ranged from $111.18 to $323.25.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.1bn | $2.3bn | $2.4bn | $2.6bn | $3.2bn |
| Operating margin | |||||
| Operating margin | 5.8% | 6.5% | 10.0% | 11.0% | 10.8% |
| Debt to equity | |||||
| Debt to equity | 0.85 | 0.60 | 0.58 | 0.39 | 0.37 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Watch
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.37× equity
- Revenue growth, five yearsStrong, 12.0% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $874 million last quarter, up 28% on a year ago.
- Profit: $74 million, up 44% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, down from 11 cents a year earlier.
- Spare cash over the past 12 months: $100 million, down from $116 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $435 million more than cash, up from $404 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $658m |
| December 2024 | $617m |
| March 2025 | $647m |
| June 2025 | $683m |
| September 2025 | $739m |
| December 2025 | $805m |
| March 2026 | $954m |
| June 2026 | $874m |
| Quarter to | Amount |
|---|---|
| September 2024 | $46m |
| December 2024 | $41m |
| March 2025 | $50m |
| June 2025 | $51m |
| September 2025 | $44m |
| December 2025 | -$47m |
| March 2026 | $73m |
| June 2026 | $74m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 May 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
6 long-term investors we follow own it, down from 7 last quarter. 635 funds in all.
- Polen CapitalDan Davidowitz
- Value
- $8m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $131m | 1.2% | Cut |
| Royce & AssociatesChuck Royce | $25m | 0.2% | Cut |
| SouthernSun Asset ManagementMichael Cook | $20m | 2.8% | Cut |
| Polen CapitalDan Davidowitz | $8m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $3m | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $355,137 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$766mCut
- Vanguard Capital Management$636m
- Vanguard Portfolio Management$589mCut
- Capital Research Global Investors$396mCut
- Paradigm Capital Management$388m
- Invesco$338mAdded
- Artisan Partners Limited Partnership$318mAdded
- State Street$312mCut
- Geode Capital Management$308mCut
- Fuller & Thaler Asset Management$298mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Wellington Management Company LLPPassive investor5.4%Since 30 June 2025
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- FMR LLCPassive investorat least 2.6%−4.8 pts(filed with 1 related holder)Since 30 June 2025
- Wellington Management Group LLPPassive investorat least 1.9%−3.3 pts(filed with 2 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Company LLP Passive investor | 5.4% | 30 June 2025 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
FMR LLC Passive investor | at least 2.6%−4.8 pts (filed with 1 related holder) | 30 June 2025 | |
Wellington Management Group LLP Passive investor | at least 1.9%−3.3 pts (filed with 2 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $40m, $17m of it under preset trading plans.
- Agen Brian JonVP, CHROSold
- Date
- 10 September 2026
- Shares
- 4,306
- Price
- $180.30
- Value
- $776,372
- McGinnis Eric SPresident, Commercial HVACSold
- Date
- 18 June 2026
- Shares
- 1,020
- Price
- $295.07
- Value
- $300,971
- Agen Brian JonVP, CHROSoldunder a preset trading plan
- Date
- 18 June 2026
- Shares
- 38,282
- Price
- $295.17
- Value
- $11m
- ASHLEMAN ERIC DDirectorSold
- Date
- 16 June 2026
- Shares
- 15,000
- Price
- $288.55
- Value
- $4m
- Laszlo Arthur Jr.President, Data CentersSold
- Date
- 1 June 2026
- Shares
- 900
- Price
- $295.76
- Value
- $266,184
- McGinnis Eric SPresident, Commercial HVACSold
- Date
- 1 June 2026
- Shares
- 24,002
- Price
- $287.89
- Value
- $7m
- McGinnis Eric SPresident, Commercial HVACSold
- Date
- 29 May 2026
- Shares
- 14,080
- Price
- $280.26
- Value
- $4m
- WILLIAMS MARSHA CDirectorSold
- Date
- 24 February 2026
- Shares
- 12,000
- Price
- $234.71
- Value
- $3m
- Lucareli Michael BEVP, CFOSold
- Date
- 17 February 2026
- Shares
- 19,595
- Price
- $219.12
- Value
- $4m
- Garimella Suresh VDirectorSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 1,100
- Price
- $184.07
- Value
- $202,477
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | Agen Brian Jon VP, CHRO | Sold | 4,306 | $180.30 | $776,372 |
| 18 June 2026 | McGinnis Eric S President, Commercial HVAC | Sold | 1,020 | $295.07 | $300,971 |
| 18 June 2026 | Agen Brian Jon VP, CHRO | Sold under a preset trading plan | 38,282 | $295.17 | $11m |
| 16 June 2026 | ASHLEMAN ERIC D Director | Sold | 15,000 | $288.55 | $4m |
| 1 June 2026 | Laszlo Arthur Jr. President, Data Centers | Sold | 900 | $295.76 | $266,184 |
| 1 June 2026 | McGinnis Eric S President, Commercial HVAC | Sold | 24,002 | $287.89 | $7m |
| 29 May 2026 | McGinnis Eric S President, Commercial HVAC | Sold | 14,080 | $280.26 | $4m |
| 24 February 2026 | WILLIAMS MARSHA C Director | Sold | 12,000 | $234.71 | $3m |
| 17 February 2026 | Lucareli Michael B EVP, CFO | Sold | 19,595 | $219.12 | $4m |
| 2 February 2026 | Garimella Suresh V Director | Sold under a preset trading plan | 1,100 | $184.07 | $202,477 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 May 2026, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 30.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.